The current tax rate for overdrawn directors loans is 32.5%, not the current rate of C Tax. If that loan gets repaid then the money is repaid to the company. HMRC now view directors loans as disguised remuneration as the system was being abused by the wealthiest taking out company loans they had not intention of ever repaying.
The professional advice I’ve received is that provided the Directors loan is repaid within 9 months after the company year end in which it is taken, then HMRC stipulate that interest is payable back to the company at a rate they set which is currently 2.5% I didn’t ask what HMRC stipulate for late repayment.
John McGuiness (yes that one) has just tweeted that he can’t get hold of the CEO of Norton and if anybody knows where he is can they get him to contact John. Hmmmmmmm
These are business's he's involved with, I'd try the hotel first https://beta.companieshouse.gov.uk/officers/wdVNHS-Ap2tjioFBerPzTFm3Hj4/appointments
https://www.visordown.com/news/raci...-calls-out-norton-ceo-garner-anybody-seen-him Probably unlikely to appear on the MCN front page......
In business you unfortunately see people like this ! oweing money and constantly being chased doesn't seem to bother them in anyway shape or form !!
Does anyone else think it may have been a safer bet for them to continue using the Aprilia engines, until their V4 was established (and the company solvent.) Especially since Aprilia are doing then same as the Nomand idea by cutting their engine in half for their parallel twin 660 (coincidence?). It just seems that engine development is so expensive and it would take decades to repay the R&D investment. A relevant British comparison would be Lotus and their V8.....
Doesn't look like Norton are going to be exhibiting at the MCN Motorcycle Show. Mr Garner probably doesn't want to have to answer any questions (not really surprising) but I am a little surprised that he hasn't decided to get a stand and man it with sacrificial lambs to face the public on his behalf.
It's about time, given how much free press and promotion the mcn gave Norton, that mcn should be asking some awkward questions of norton on behalf of riders, investors and yet to be owners
That in itself makes me think the wall upon which the writing is written is getting closer each day; it’s sad
I personally think McGuinness should have seen this coming and protected himself accordingly. I have a few mates in the trade as a number of you do and it's a pretty loose lipped industry where there are more than enough rumours to at least make you highly suspicious of them.
Phoned Norton up at lunchtime just to get an update on the V4, they said they'd ring me back, needless to say that never happened. I will ring again on monday.
They never, ever, ever ring back - EVER! They also don't reply to emails or provide any sort of pro-active updates to their waiting customers.
